61: LOOK AHEAD - ANTICIPATE HOW YOU WOULD LIKE TO SPEND YOUR RETIREMENT
When should I apply for social security?
- The earliest you can apply for social security is at 61 and 9 months, however you will not receive payment until you are 62. Applications can take multiple months to be processed.
Does your retirement plan account for both short and long-term care?
- Make sure your retirement plan accounts for the cost of short-term and long-term care. You may have certain assets that can cover these needs, however you may want to look into an appropriate insurance policy.
Review your estate plan
- Make sure your will is in order, review your power of attorney, and any healthcare beneficiaries. If you have substantial assets beyond standard retirement accounts, you may consider setting up a living trust. Estate planning costs, laws, and regulations vary from state to state so it is important to consider where you will be living during retirement.
Additional resources and information:
Retiring age 61 or 62... What's the Difference?
How to Collect Social Security Before Retirement Age
When to Apply for Social Security Retirement Benefits
Pre-Retirement Checklist: Tips for How to Prepare for Retirement